Results 1 to 2 of 2

Hybrid View

  1. #1
    Join Date
    Mar 2009
    Posts
    7

    Default Credit Cards Not Part of Chapter 13

    In case I foreclose my investment property, I am thinking of filing for chapter 13 bankruptcy to avoid my 2nd loan lender from suing me for the full loan amount of $170K.

    My 1st question is when filing for chapter 13 bankruptcy, do I have the option of NOT including my credit cards (total of $32K)? I would do this only if for sure my FICO score won't go way down.

    2nd question:
    I read one of the exemptions i.e. protected from the creditors is minimum 75% of wages. So, does this mean, my monthly payment plan cannot be more than 25% of my monthly wages?

    3rd question:
    Does filing for chapter 13 bankruptcy fall under the State jurisdiction and not Federal? My marital status under Federal is single since Federal does not consider same-sex marriage as legal, and under California my status is married. There is difference in the homestead exemptions between single and married. I will need to get my primary home appraised to determine the equity. As a single, to protect lien on this property, I cannot have more than $50000 on the equity. As married with the property held as "tenants in common" and I am the only one filing, I can exempt the full amount.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Credit Cards Not Part of Chapter 13

    Your idea raises possible issues of improper preferences, as well as suggesting that you have the ability to repay all of your debts. You should talk this over with your bankruptcy lawyer.

    Chapter 13 bankruptcy is federal. Where your state offers more favorable exemptions, as the bankruptcy code permits it, you should be able to avail yourself of the state exemptions.

    1. Sponsored Links
       

Similar Threads

  1. Divorce: Credit Cards
    By Sharissa13 in forum Divorce, Annulment and Separation
    Replies: 2
    Last Post: 02-26-2009, 03:07 PM
  2. Debt Collectors: Credit Cards and Credit Reports
    By kdogg in forum Debts and Collections
    Replies: 1
    Last Post: 10-01-2008, 09:01 PM
  3. Chapter 13: New Credit Cards During Chapter 13
    By PinzPilot in forum Bankruptcy Law
    Replies: 3
    Last Post: 06-15-2008, 12:22 AM
  4. Chapter 7: Stopping payment on credit cards to file Chapter 7, in Florida
    By havetodecide in forum Bankruptcy Law
    Replies: 1
    Last Post: 02-18-2007, 11:50 AM
  5. Chapter 13: Credit Cards Obtained While In Chapter 13 Bankruptcy
    By gabby2006 in forum Bankruptcy Law
    Replies: 7
    Last Post: 09-22-2006, 07:38 PM
 
 
Sponsored Links

Legal Help, Information and Resources